Economic Crisis and Asean States' Security

摘要

In the late 20th century, no region of the world has been more successful in improving the standard of living of its populations than the Asia-Pacific. If national security is in large part a function of national well- being, then East Asia has enjoyed an increasingly secure existence. Beginning in the early 1990s, both Northeast and Southeast Asia have experienced aggregate annual economic growth rates averaging 7 percent, more than double those of North America and Western Europe. Politically as well, this region seems to be adapting effectively to the post-Cold War. Regional organizations such as the Association for Southeast Asian Nations (ASEAN), which celebrated its 30th anniversary in 1997, and the Asia Pacific Economic Cooperation (APEC) forum provide regular venues for discussions of regional trade, investment, and security issues-dialogues previously unknown for Asia at the regional level. Nevertheless, this rosy picture has been marred in 1997-98 by a series of financial and economic crises that spread%along the Asia-Pacific rim like a contagious disease. Originating in Thailand in July 1997, financial meltdowns spread quickly to Indonesia, Malaysia, and the Philippines as well as affecting the much stronger currencies of Hong Kong and Singapore. By the end of 1997, currency depreciation averaged 50 percent against the U.S. dollar since July; and the crisis had extended to South Korea and Japan as well.